Read on for tips on how to find savings for your business.
If you’re a small business that’s challenged to manage rising costs, you’re not alone. According to the recent study by the National Federation of Independent Business (NFIB), The Small Business Optimism Index has reached the lowest it’s been since 2012. The NFIB sites that “inflation has once again been reported as the top business problem on Main Street.”
Here at Palm, we’re in the business of saving you money - read on for our top tips to help your business combat inflation and save.
You can’t save what you don’t know you’re spending. Consider using an AI tool like Palm to connect your business accounts and monitor your business expenses and spending. Becoming aware of your spending habits is the first step to saving on your biggest and most frequent business expenses. You can use an AI tool like Palm to:
The top small business expenses tend to be rent, payroll, insurance, Cost of Goods and marketing. The easiest way to lower your business expenses is to auto-shop them with an AI tool like Palm. When you connect an account, Palm matches you with offers that can help you save money on your biggest expenses.
Easily connect your business account to Palm and see where you can start saving today.
Another way to combat rising costs is to increase and diversity your revenue streams to improve your business margins. Local businesses can benefit from driving repeat purchase with loyalty programs and incentives, as well as using social media to scale their businesses at a lower cost than say, an additional brick and mortar location.
Do you know how much you’re spending each month vs. how much you are bringing in per revenue stream? Connect your business account to Palm today to get organized, start saving and claim your peace of mind.
By using AI and digital tools, you can increase labor efficiencies and decrease costs for routine tasks. Consider using AI to automate routine tasks such as expense management, data entry, customer service, marketing & sales and supply chain optimization.
Before you take out a high-interest business loan, look for SBA loans with typically lower interest rates than other business loans, and free funding like grants that don’t need to be repaid. You can learn more about federal and corporate grants as well as state and local grants on our blog.
In summary, even if you are starting out, using AI tools like Palm to automate your business, save on expenses and help you grow is a smart idea. You can create your free account today and check back on our blog for more tips every week.
Still have a question? Schedule a call with one of our founders to talk about any questions you have about your small business. We’re here to help you succeed.
The Complete Guide to BOI Exemptions: Does Your Business Qualify?
How to tell if you are exempt from filing a Beneficial Owner Report
The Real Cost of Missing the BOI Deadline Explained
Missing the BOI deadline isn't just about fines. Discover how it can impact your business operations, credit, and future growth.
5 Myths About BOI Filing You Need to Stop Believing
Separate fact from fiction with these 5 myths about BOI filing. Avoid stress and penalties by understanding the truth behind BOI requirements.
Who Must File a Beneficial Owner Information Report
Unsure Who Needs to File a Beneficial Owner Information Report? Learn which businesses must comply to avoid penalties and ensure transparency.
Don’t Fall For It: The Small Business Guide To Avoiding BOIR Scammers
You have likely heard about the new federal requirement to identify & report beneficial ownership information (BOI) to FinCEN (Financial Crimes Enforcement Network). While this requirement is legitimate, Bad Actors and Scammers are exploiting it to target unsuspecting business owners while also raking in millions of dollars in fees from unsuspecting Small Business Owners.
Understanding the Beneficial Ownership Info Report (BOIR)
Navigate the complexities of the Beneficial Ownership Information Report (BOIR) to ensure compliance and avoid penalties.
The BOI Ripple Effect: How This Filing Could Impact Your Business's Future (Beyond the Obvious)
In the post-BOI world, early compliance isn't just about meeting a deadline – it's about securing your business's future.
The Hidden Costs of Filing BOI Late: What 87% of Business Owners Don't Know
Are you underestimating the true costs and implications of delayed BOI filing? Find out now!
How AI Can Save Your Restaurant Time & Money
Restaurant finances just got easier.
The Top Five Small Business Benchmarks You Need to Know
Reach your goals with Palm
Let us get our hands dirty with your finances so you don’t have to.
Learn how Palm is helping service providers save time & money with AI
Expense Management for Small Businesses, Made Easy
AI Expense management for small businesses
AI 101 for Small Businesses
What you need to know about how AI can help your small business.
Most Asked Question: Where Do I Spend The Most Money?
Better understand your business spending using AI
Most Asked Question: Why do I need to connect my business account?
Data & Security
How To Start and Grow Your Small Business
Looking to start or grow your small small business? Read this first.
How to defer your Economic Injury Disaster Loan [EIDL]
Do you have a Covid-19 Economic Injury Disaster Loan [EIDL]? Read on to learn how to defer and find savings.
4 small business tax tips if you haven't already filed
Running under the gun to save money on your taxes? Read on!
How to find savings on your small business insurance
Read this if you have small business insurance.
How to find free small business grants
Your guide to federal and corporate grant opportunities
Your guide to State and Local Small Business Grants
Read on if you're looking for a small business grant at the state and local level.
The top macro trends affecting small businesses
Trends you should understand to help your business grow
Five ways to manage inflation & rising business costs
Read on for tips on how to find savings for your business.
Managing small business finances with AI
Business expenses just got easier.
What you need to know about National Small Business Week
It's National Small Business Week 2024 - here's whats happening, the hot topics like AI, and how you can get involved.
Why your business health matters
Is your small business healthy? Read on to find out.
How to combat labor shortages with AI and technology
Learn how small business owners like you are using AI and technology to address labor shortages & costs.
Five Cash Flow Management Tips for Small Businesses
Automate the gruntwork with AI
How to grow your small business with AI
AI is here to stay - here's how it can help your small business.
Remove the chaos from small business finances with AI
Learn how Palm and AI can help you achieve peace of mind as a small business owner.
The small business guide to a successful summer
Sizzling hot tips to grow your business this summer.
How to e-file your BOIR
Read on to learn more about filing your mandated Beneficial Ownership Information Report with Palm.
Who needs to file a BOI Report?
How to know if you have to file a Beneficial Owner Information Report
Don't miss your BOIR deadline!
Learn how to file your Beneficial Ownership Information Report with Palm.
What is a BOI Report?
Learn what a BOI Report is and how to avoid severe penalties when you file with Palm’s automated process.
When to file your BOI Report
Learn all about when you need to file your BOI Report and how Palm can help you file in a few easy steps.
What's keeping your small business from growing?
Here are the key growth factors to consider for the health of your small business.